olivLaw · European equity research
VPC Specialty Lending Investments PLC VSL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
VPC Specialty Lending Investments PLC is a UK investment trust in controlled wind-down, managed by Victory Park Capital Advisors, LLC, investing in private asset-backed credit. The company has returned capital to shareholders through distributions, while its eCommerce portfolio has produced large losses; as the wind-down proceeds, income and future dividends are increasingly limited. Its net NAV return in fiscal 2025 was minus 22.53%.
At the close of 06 Nov 2026, VPC Specialty Lending Investments PLC (VSL.L) stock was 0.11 GBP (−2.25% on the day), with market capitalisation 30.2 m GBP, dividend yield 28.11%, beta 0.26, 52-week range 0.10–0.17 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.3
- weak (30–45)
- Bollinger (20, 2)
- 0.11 – 0.13
- below the lower band · %B -0.15 · band width 18.0%
- SMA 50 / 200
- 0.12 / 0.12
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / 0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.4% | −0.2% | −9.2 pp | — |
| 3 months | +0.2% | −5.4% | +5.6 pp | — |
| 6 months | −7.9% | +4.4% | −12.2 pp | — |
| Year to date | −30.0% | +6.5% | −36.5 pp | — |
| 1 year | −34.0% | +10.0% | −44.0 pp | +3.7% |
| 3 years | −84.3% | +48.6% | −132.8 pp | +24.5% |
| 5 years | −88.6% | +41.4% | −130.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | -10.2 m | -31.4 m | -1.3 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -25.8 m | -46.8 m | -33.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.09 | -0.17 | -0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 253.6% | 148.8% | 2,489.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 62.2 m GBP
- Total assets
- 63.1 m GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -31.6%
- ROA
- -28.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | -10.2 m | -31.4 m | -1.3 m | esef· 29 Apr 2026verified |
| Interest expense | 7.1 m | 3.2 m | 841.7 k | esef· 29 Apr 2026verified |
| Pre-tax income | -25.8 m | -46.8 m | -33.0 m | esef· 29 Apr 2026verified |
| Income tax | 0 | 0 | 0 | esef· 29 Apr 2026verified |
| Net income | -25.8 m | -46.8 m | -33.0 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.09 | -0.17 | -0.12 | esef· 29 Apr 2026verified |
| Dividend per share | 0.08 | 0.07 | 0.03 | esef· 29 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.6 m | 8.3 m | 7.3 m | esef· 29 Apr 2026verified |
| Total assets | 264.2 m | 170.0 m | 63.1 m | esef· 29 Apr 2026verified |
| Total liabilities | 39.1 m | 23.3 m | 906.3 k | esef· 29 Apr 2026verified |
| Equity | 225.1 m | 146.7 m | 62.2 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 278.3 m | 278.3 m | 278.4 m | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 63.8 m | 37.7 m | 73.9 m | esef· 29 Apr 2026verified |
| Investing cash flow | 16.9 m | 11.9 m | 5.4 m | esef· 29 Apr 2026verified |
| Financing cash flow | -82.9 m | -51.0 m | -74.5 m | esef· 29 Apr 2026verified |
| Dividends paid | 22.3 m | 19.8 m | 8.5 m | esef· 29 Apr 2026verified |
| Share repurchases | 0 | 11.9 m | 43.0 m | esef· 29 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 30.2 m GBP
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 170.5% | 100 (on a fixed band) | 100% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VPC SPECIALTY LENDING INVESTMENTS PLC (VSL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue -1.3 m GBP in 2025; ROE -31.6%.
The estimated value range is 0.30–0.37 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.33 GBP, the price of 0.11 GBP leaves a potential of 204.8% (value / price − 1) and a margin of safety of 67.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 170.5%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| VSL.LVpc Specialty Lending Investments PLC | 30.2 m | — | -31.6% | — | unavailable | −31% / −84% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for VSL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
VPC Specialty Lending Investments PLC is a UK investment trust in controlled wind-down, managed by Victory Park Capital Advisors, LLC, investing in private asset-backed credit. The company has returned capital to shareholders through distributions, while its eCommerce portfolio has produced large losses; as the wind-down proceeds, income and future dividends are increasingly limited 1. Its net NAV return in fiscal 2025 was minus 22.53% 1.
SWOT
Strengths
- The portfolio has generated significant funds from redemptions and sales, and distributions to shareholders have been made in several stages 1.
- The manager's team has worked together for years across different credit cycles, supporting the asset realisation process 1.
- Most credit assets are amortising with maturities of at most five years, giving some predictability to cash flows 1.
Weaknesses
- The eCommerce portfolio produced large capital losses, and expected credit loss reserves rose sharply over the year 1.
- Interest income declines as income-generating investments are realised, limiting future dividends 1.
- The company no longer hedges currency exposure, leaving it exposed to the US dollar 1.
Opportunities
- The advisory process to explore options could accelerate portfolio realisation and the return of capital 1.
- If interest rates fall again, portfolio companies could refinance more easily, supporting repayments 1.
- Full recoveries on some FinTech positions, such as Integra Credit, show that well-structured exits are possible 1.
Threats
- The Middle East conflict and higher oil prices could keep interest rates high and complicate refinancing for portfolio companies 1.
- Withdrawal restrictions in private credit funds could slow asset sales and capital realisation 1.
- US trade tariffs continue to affect eCommerce companies in the portfolio, which could generate further credit losses 1.
Risks
- Credit riskhigh
Losses in eCommerce companies and large expected credit loss reserves show that borrower defaults can strongly affect results 1.
- Currency riskmedium
With no currency hedges, net assets are exposed to movements in the US dollar against sterling, which could reduce value 1.
- Concentration riskmedium
As the portfolio shrinks, diversification falls, so problems at a single company can have a large effect on results 1.
- Regulatory and status risklow
The company must comply with investment trust rules, and failure could lead to loss of tax status or sanctions 1.
Investment thesis
What would need to be true (bull case)
- If asset realisation proceeds as planned, capital could be returned to shareholders sooner, and the manager has experience across several credit cycles 1.
- Full recovery of certain claims, as in the Integra Credit case, shows that some positions can be closed favourably 1.
- If interest rates fall or private credit markets stabilise, portfolio companies could refinance and repay debts more easily 1.
What to watch
- Outcome of the advisory process to explore options for accelerating the wind-down2026
- Development of expected credit loss reserves and the eCommerce portfolionext 10-K
- Level of annual dividends and capital distributions to shareholders2027
- Interest rate path and Middle East conflict effects on refinancing of portfolio companies2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a public investment company registered in England, incorporated in 2015 and approved as an investment trust. Its investments are managed by Victory Park Capital Advisors, LLC, an alternative manager based in Chicago that specialises in private asset-backed credit. In 2025 the company entered a wind-down, meaning it no longer makes new investments except those permitted by its policy, and it realises assets to return capital to shareholders 1.
In 2025 approximately £75.8 million of proceeds were generated from the sale or redemption of investments, used mostly for distributions to shareholders or to eliminate portfolio gearing 1. A second distribution of £43 million through B Shares was made in May 2025 1. Dividends have become annual, and future dividends are expected to be smaller and less frequent as income-generating investments fall 1.
The board appointed a corporate finance advisory firm in 2025 to explore options that could accelerate the realisation of the portfolio, but the board stated a material uncertainty about the timing and outcome of that process 1.
Segments
Asset-backed credit
Asset-backed lending made up approximately 49% of the portfolio's gross asset value at the end of 2025, and the weighted-average coupon on the remaining debt is 10.96% 1. As debts are repaid or sold, cash interest is expected to fall considerably 1.
eCommerce portfolio
This segment was the main source of losses in 2025 amid slow growth and US tariffs; the company fully reserved its investment in Infinite after the Razor merger 1.
FinTech and other exposures
FinTech was the largest segment by exposure with a positive revenue return, and position exits brought significant funds to shareholders, while equity holdings in SellerX and WeFox weighed on capital returns 1.
Market context
The 2025 market backdrop was marked by high interest rates, weak growth and geopolitical tension; US tariffs added uncertainty while central banks cut rates 1. Private credit faced large redemptions and gate provisions in the first quarter of 2026 1.
The US-Iran conflict that began at the end of February 2026 shifted rate expectations from cuts towards possible rises, which could make realising the company's assets harder if tensions persist 1.
Trends
- Controlled wind-downmixed
The company is gradually realising its assets and returning capital, while income-generating investments decline; this could bring liquidity but lower dividends 1.
- Pressure on private creditheadwind
Large redemptions and gate provisions in private credit funds make it harder to sell or refinance the company's assets 1.
- Shifting interest ratesmixed
Expectations of rate cuts reversed after the Middle East conflict, which could affect refinancing for companies in the portfolio 1.
- GBP/USD exchange rate movesheadwind
Unhedged US dollar exposure weighed on 2025 returns, and further currency moves could have the same effect 1.
Competitive position
The sources do not name direct competitors of the company; it operates as a closed vehicle that no longer makes new investments, so its reference market is private asset-backed credit funds and other trusts in wind-down 1.
Victory Park Capital Advisors, LLC manages the portfolio and competes with other private credit managers; the sources do not list other listed competitors, so none can be identified from the text 1.
- Victory Park Capital Advisors, LLC
The company's investment manager, specialising in private asset-backed credit and based in Chicago; it operates in the same field and is not a listed entity 1.
- Other private credit managers
Private credit funds pursuing the same financing strategy; the source does not name them 1.
- Other investment trusts in wind-down
Similar vehicles in controlled liquidation that compete for the same investors; not named explicitly in the source 1.
- Listed private credit investors
Listed companies offering exposure to asset-backed credit as an alternative for investors seeking yield; not named in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VPC Specialty Lending Investments PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.